The CAD is down slightly but at virtually the same level as last week’s close. We should see relatively range bound trading for the week barring any unseen events. This week’s main fundamental releases come in tomorrow’s Trade Balance numbers followed by Friday’s employment numbers.
The USD is up to open the week with much of the gains coming from investor flows into the safe haven greenback. Fundamentals today were limited to second tier Factory Orders which came in just below the -0.5% forecast at -0.6%. Tomorrow’s ISM Non-Manufacturing PMI headlines the AM news out of the US.
The Euro is unchanged after offsetting PMI releases did little as far as movement and momentum are concerned. Newly appointed ECB President Lagarde speaks later today and is expected to take the same stance as former President Draghi on the need for aggressive fiscal stimulus. It is unlikely that she will make any specific comments on future moves of the central bank.
Equities are up across the board this morning: the Dow up 0.53%, the S&P up 0.44%, NASDAQ up 0.56% and the TSX up 0.35%. Crude Oil is up 1.60% this morning (57.10) while Gold is down 0.42% ($1,508.01).